California State Teachers Retirement System Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

California State Teachers Retirement System decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,960,721 shares of the semiconductor manufacturer’s stock after selling 173,100 shares during the quarter. Broadcom makes up approximately 1.9% of California State Teachers Retirement System’s holdings, making the stock its 8th largest holding. California State Teachers Retirement System’s holdings in Broadcom were worth $1,613,774,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter valued at about $32,000. Bellevue Asset Management LLC bought a new position in Broadcom during the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new position in Broadcom during the 4th quarter valued at about $35,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 2.2 %

Shares of Broadcom stock opened at $192.31 on Monday. The company has a market capitalization of $904.23 billion, a P/E ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a fifty day moving average of $184.36 and a 200 day moving average of $196.17. Broadcom Inc. has a fifty-two week low of $122.33 and a fifty-two week high of $251.88.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AVGO shares. Mizuho lowered their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Bank of America lowered their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays lowered their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.